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Curt Schilling Sued Over Misappropriated $75 Million Rhode Island Development Agency Loan

Tyler Durden's picture





 

Doping cyclists, UK banks which manipulate every possible thing they are involved with, and now embezzling one-time baseball millionaire greats with bloodied socks... Is nothing sacred anymore?

From AP:

The state of Rhode Island has filed a lawsuit against former Red Sox pitcher Curt Schilling and one-time officials with the state's economic development agency in connection with a $75 million loan guarantee to his failed video game company.

 

The suit was filed Thursday in Rhode Island Superior Court. In addition to Schilling, who founded 38 Studios, it names the former executive director of the Economic Development Corp., Keith Stokes, and another former EDC official who worked closely on the deal.

 

Gov. Lincoln Chafee (CHAY'-fee) said in a video message the EDC board took the legal action to try to "rectify a grave injustice put upon the people of Rhode Island."

 

A spokeswoman for the EDC said the agency has no comment.

But at least consider the benefits: the loan did goose US GDP by $75 million on at least one occasion: after all it was almost efficiently allocated government funding. And everyone knows that that never goes to waste...

 


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Thu, 11/01/2012 - 13:05 | Link to Comment Jason T
Jason T's picture

Broken windows or Broken video game companies.. same poop that comes out of Krugmans ass, different day.

Thu, 11/01/2012 - 13:07 | Link to Comment WALLST8MY8BALL
WALLST8MY8BALL's picture

MANBERNKRUG!

Thu, 11/01/2012 - 13:17 | Link to Comment Leopold B. Scotch
Leopold B. Scotch's picture

Ken Fisher's classic on how there no such thing as a wasteful project:

"Learning to Love Debt"

http://www.financial-planning.com/news/learning-love-debt-528151-1.html?...

THAT, while in the same piece he smugly dismisses debt critics and states that the U.S. is woefully under indebted because there's so much additional asset value that could be collateralized.

Funny if it were not so f'n Stupid and economically devastating.

Thu, 11/01/2012 - 13:25 | Link to Comment redpill
redpill's picture

The irony is that they shouldn't be going after the guy that got the loan, they should be going after the fucking idiots in government that give it to him to begin with.  You're not a fucking bank, you know nothing about running a business, so why do you think you are going to be successful in these endeavors?  If it was so easy to pick the winners it would already have been done by people who are much smarter and faster than you.  

It's criminal negligence and a breach of their fiduciary duty to protect taxpayer funds.  They should be thrown out of office and be made personally liable for their actions and have a $75 milllion judgment against them.  If they want to sue Shilling themselves to recover the funds, fine, pay for it yourselves, pricks.

Thu, 11/01/2012 - 13:26 | Link to Comment malikai
malikai's picture

...Which is exactly why a witch burning is needed!

Thu, 11/01/2012 - 13:48 | Link to Comment economics9698
economics9698's picture

Was someone in the state government setting up Schilling to fail?  Like those FBI stings where they get some low IQ Middle Easterner moron to blow up the NY Fed?

Shilling never was the brightest bulb in the closet and throwing $75 million in front of the dub?

Come on someone in the state government is laughing their ass of at the Red Sox Republican standard barer.  This was a set up using tax payers’ money.

Thu, 11/01/2012 - 13:52 | Link to Comment knukles
knukles's picture

The whole fucking state of Rhode Island is owned and run by the mafia.
Whaddju expect?

Thu, 11/01/2012 - 14:01 | Link to Comment francis_sawyer
francis_sawyer's picture

Who's next? Hunter Pence?...

Thu, 11/01/2012 - 22:44 | Link to Comment augmister
augmister's picture

No, the Great Blue Smurf Socialist Republic of Rhode Island is owned by the Kleptocrat State Governmental Hunta of Democrats and their Unionist minons.   The BIGGER crooks are the State Legislators who voted for this bill without even reading it or asking questions.   They had a collective "Nancy Pelosie read it later moment.."   BTW only 2 or 3 members of the RI General ASSembly did NOT vote for this.

Nothing will change here until the state goes broke.  And that will happen.

Thu, 11/01/2012 - 13:35 | Link to Comment TideFighter
TideFighter's picture

I'm pretty sure he was "shovel ready!' 

Thu, 11/01/2012 - 13:42 | Link to Comment SafelyGraze
SafelyGraze's picture

you can't put the gubmint in jail, or else it couldn't serve the people
you can't fine it, because it's broke.

you can't put a bank in jail, with all those overseas branch locations and everything it's too spread out to physically incarcerate
you can't fine it, because it's broke

that leaves athletes (and their actress/model girlfriends). they are physical persons, which makes them inherently jailable. unlike banks or gubmints.

and they have actual money. see above re: unlike banks or gubmints

but what about baseball commissioners and basketball commissioners?

Thu, 11/01/2012 - 14:03 | Link to Comment goodrich4bk
goodrich4bk's picture

Should we assume that you feel the same way about all the banks?  That they shouldn't be going after "the guy that got the loan" but, instead, should be going after the "fucking idiots" at the bank that made the loan in the first place?

 

Thu, 11/01/2012 - 14:18 | Link to Comment redpill
redpill's picture

In Switzerland, bank executives can be held personally liable for bank losses if they are found to have violated their dutes.  As a result, bank failures in Switzerland are extremely rare.

And yes, Jon Corzine should be in jail, or at the very least, broke.

Thu, 11/01/2012 - 22:36 | Link to Comment mkhs
mkhs's picture

I have to disagree with you, redpill.  He should be in jail and broke.

Thu, 11/01/2012 - 14:20 | Link to Comment insanelysane
insanelysane's picture

I'm sure he'll get a fair trial in RI since the state is broke and the judges' pensions are at risk. </sarc>

Here is a summary:

Curt is in Massachusetts and can't get funding.

Curt goes to Little Rhody and presents business plan that requires $125 million, minimum.

Crooked RI govt fast tracks through approval but can only jamb through $75 million.  (We'll worry about the rest later...)

No one in RI govt ever checks what Curt is doing as he blows through the cash.

Curt spent all of the money and isn't even 50% done with project.  Project mgt 101; Actual spend rate needs to align with project spend rate.  I am sure there was no plan.

Vendors and employees stop getting money and start to complain.

Curt and some RI govt insiders try to do some shady deal by getting Curt's company some type of govt exemptions that can be sold.  Deal breaks down.

Mess hits the press and tax payers complain.

Govt says they were duped even though the ones at the top knew they only financed $75 million of a $125 million effort (which is more likely a $200 million actual).

No white knight.

Curt getting a "fair" trial for wasting tax payer money.

Corzine is free, Martha Stewart did time and so will Curt.

Thu, 11/01/2012 - 14:20 | Link to Comment aint no fortuna...
aint no fortunate son's picture

"But at least consider the benefits: the loan did goose US GDP by $75 million on at least one occasion: after all it was almost efficiently allocated government funding. And everyone knows that that never goes to waste..."

But think of the multiplier affect - this was really worth at least $350 million! That's a lot of bloody socks!

Thu, 11/01/2012 - 13:17 | Link to Comment blu
blu's picture

Threadjack: The last installment (5 of 5) of "How it Could Happen" is up over at TheArchdruidReport:

http://thearchdruidreport.blogspot.com/

"By 118 to 32, the 28th amendment was ratified and the United States of America ceased to exist."

End of an empire. This has been one of the best speculative fiction reads I've seen in years. Hands down. Will get your blood moving and your head thinking. Both good things in these times.

Thu, 11/01/2012 - 13:22 | Link to Comment a growing concern
a growing concern's picture

I finished it up last night. Thanks for linking to the series. Pretty interesting read.

Thu, 11/01/2012 - 14:02 | Link to Comment blu
blu's picture

I thought it was important.

We get a lot of conspiracy theory which serves to distract and shadow the mind, and not a lot of speculative thinking about how things could actually resolve somehow, someday. I dabble in fiction myself in part to untangle emotion and logic. It allows me to speculate, I find it therapeutic. With the future now totally up for grabs we need to give more thought to how we get there whole and worry less about how scary the corners of the world have become.

Thu, 11/01/2012 - 14:15 | Link to Comment economics9698
economics9698's picture

I think the smart politicians are already thinking ahead 5 years and planning on a dissolution of the united states.  With the end in sight of the federal entitlement programs there will be little reason for the average citizen to put up with the albatross that is the federal government.  Unlike other countries that endure communism for decades America has 100 million, 150 million over 100 IQ native that will kill people when needed to get freedom and liberty.  The wiliness to kill others is what separates free men from slaves.  There is a sizable minority that would prefer to be Spartacus than Ben Hur.

When the fiat dies the Washington freak show will end.

Thu, 11/01/2012 - 14:40 | Link to Comment blu
blu's picture

I hope that anybody with an average IQ would be able to imagine another way.

Thu, 11/01/2012 - 14:52 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

You need to check your assumptions. Politicians don't even think 5 minutes ahead. They are 100% reactive, that's practically their defining characteristic.

The people who CONTROL the politicians are the ones that think in advance. And these people don't think 5 years ahead, they think 5 generations ahead.

Those are the ones you need to consider. What is their motivation? One world government. How do they accomplish that? It is not clear to me that dissolving the USA is in their best interests. In fact I'd argue the opposite. You build a One World Government by assembling smaller pieces into bigger pieces. Dissolving the USA into its 50 component states, and then trying to reassemble them, seems awfully counterproductive.

No, their goal is to drive the entire world into bankruptcy, and then propose a one-world currency and a one-world central bank to fix it. Then, when that system breaks down 10 years later, layer a world government on top of that.

Sound familiar? It's the same playbook they are using for the EU right now.

Thu, 11/01/2012 - 13:57 | Link to Comment Skateboarder
Skateboarder's picture

Nice, thanks for the link. Look forward to reading the whole thing. We must not forget that the USA is a corporation under the crown of England, as is CA. An illegitimate ammendment to an already illegitimate corporate charter (lol, the original constitution was long abandoned) doesn't really mean shit.

Thu, 11/01/2012 - 14:09 | Link to Comment blu
blu's picture

People decide what has meaning, when they need things to have meaning. Then even symbols like a flag can move them forward. I think that if Americans ever awake to their responsibilities one of the first things they will demand is a strict reading of the original Articles, and the Bill of Rights, and may then demand that anything not so encompassed justify its reason to exist.

Thu, 11/01/2012 - 13:05 | Link to Comment takeaction
takeaction's picture

Why is everything that should be right....wrong?  Why is everything infected.  Politicians corrupt from the bottom up? 

Thu, 11/01/2012 - 13:07 | Link to Comment Midas
Midas's picture

Ah yeaha, gonna sodomize him wicked 'ard!

Thu, 11/01/2012 - 13:47 | Link to Comment Divided States ...
Divided States of America's picture

Religion taught many of us to be good, to try not to do to others what you would not like them to do to you.

I am coming to realize that after many years of praying and being a good samaritan that I have been duped.

For every million of stupid people like me, there will be a bad apple like Lance, Lenny, Curt, Helicopter Ben, TimmyG, Obama......those that takes advantage of the good of others.

Thu, 11/01/2012 - 15:02 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

It drives me crazy when people blame religion when they should be blaming themselves.

"Behold, I send you forth as sheep in the midst of wolves: be therefore wise as serpents, and harmless as doves." --Matthew 10:16

Those instructions seem pretty clear to me, don't blame Jesus if you didn't take the trouble to be as wise as serptents.

If the Bible scares or annoys you, then heed the words of the Prophet Spackler: "My enemy, my foe, is an animal. In order to conquer the animal, I have to learn to think like an animal. And, whenever possible, to look like one. I've gotta get inside this guy's pelt and crawl around for a few days."

Thu, 11/01/2012 - 17:59 | Link to Comment lincolnsteffens
lincolnsteffens's picture

It didn't come across to me that he was blaming religion. He left it vague as to who was to blame "I was duped".

Thu, 11/01/2012 - 13:06 | Link to Comment 55 men
55 men's picture

FINE! I will buy the bloody sock to help him out.

Thu, 11/01/2012 - 13:07 | Link to Comment KidHorn
KidHorn's picture

Shilling is a terrible business man, but not a criminal. This is a waste of time and money,

Thu, 11/01/2012 - 13:08 | Link to Comment Yen Cross
Yen Cross's picture

 O/T but I was thinking of you Tyler. This gives new meaning to the term, "burning through $". This needs to hit the MSM. Obamas failed gift/fraud, keeps on giving!

 http://updates.jalopnik.com/post/34669789863/more-than-a-dozen-fisker-ka...

 

Thu, 11/01/2012 - 13:12 | Link to Comment barroter
barroter's picture

Schilling. You BUILT that all by yourself with tax payer monies?  I'll give you this, you DESTROYED it all by yourself though.

Thu, 11/01/2012 - 13:24 | Link to Comment Clowns on Acid
Clowns on Acid's picture

Barroter - To be fair Schilling lost most of his money as well. So he was not in the same boat as Sylndra and the other Obama bundlers (Corzine stole PRIVATE $$ !!) to the tune of $50B.

 

Thu, 11/01/2012 - 13:13 | Link to Comment Misean
Misean's picture

Meanwhile, in the non-politcal connected, starved private sector:

http://www.kickstarter.com/projects/inxile/wasteland-2

Which seems to be humming along quite nicely at 1/30th the money....

Thu, 11/01/2012 - 13:15 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

 

But don't consider how the Income Tax is unconstitutional!  Focus on Lance Dopestrong and Kurt Shilling, focus on Kim Kardasion's ass and Kanye's meltdowns, focus on anything other than what matters people, because we all want to be positive!

Or something like that anyway....just fucking be happy you are alive and drive your car in circles.  Go to a strip club and pretend like a woman loves you.  Buy some jewelry so you sparkle.  Do whatever but do not question your life!

Thu, 11/01/2012 - 13:19 | Link to Comment malikai
malikai's picture

It's hard to avoid focusing on KK's ass. There's some sort of gravitational force at work there. Can't quite pinpoint it..

Thu, 11/01/2012 - 13:33 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

Well, Einstein told us that anything that immense and massive, like a planet, a sun, or KK's posterior, does generate a strong gravitational field.  The real question is the extent to which space and time are curved around her ass. 

Which would explain why you can stand behind her and still see the box of twinkies open in front of her.

Thu, 11/01/2012 - 13:21 | Link to Comment pods
pods's picture

How the hell am I supposed to even be able to pretend that a woman loves me when I am driving around a strip club parking lot, in circles, wearing sparkly jewelry?

pods

Thu, 11/01/2012 - 13:23 | Link to Comment pods
pods's picture

I figured it out.  I have to have Rhinestone Cowboy blaring on the 8 track!

pods

Thu, 11/01/2012 - 16:18 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Everything's Gonna Be Alright! - Barry Manilow

Thu, 11/01/2012 - 14:00 | Link to Comment Blankenstein
Blankenstein's picture

Agree, but Lance Armstong is different than KK or Kanye because he embodies what is wrong with our society.  He amassed great wealth and fame by cheating.  Lance Armstrong = a banksta on a bike

Thu, 11/01/2012 - 13:15 | Link to Comment mrktwtch2
mrktwtch2's picture

its a shame kingdoms of amular was a good game..

Thu, 11/01/2012 - 13:18 | Link to Comment toomanyfakecons...
toomanyfakeconservatives's picture

Grave injustice? No, that's leaving Americans undefended to die in foreign lands and telling the military to stand down instead of responding.

Thu, 11/01/2012 - 13:24 | Link to Comment Schmuck Raker
Schmuck Raker's picture

What are you talking about?

Thu, 11/01/2012 - 13:57 | Link to Comment goodrich4bk
goodrich4bk's picture

He's talking about the latest pathetic attempt by neocons (who like zombies just won't die) to create an Obctober Surprise so they can put Mittster's reliable finger on defense budget.  They claim that Obama ordered our military to "stand down" when the Benghazi embassy requested assistance.  They are circulating emails and "breaking news reports" through the usual newmax, drudge channels, and it looks like a few ZHers fell for it.

Thu, 11/01/2012 - 14:57 | Link to Comment Schmuck Raker
Schmuck Raker's picture

I keep forgetting the US Military has a God-given right to act with impunity anywhere in the world, including the US.

Thu, 11/01/2012 - 17:48 | Link to Comment blu
blu's picture

Reality is what you make of it.

Thu, 11/01/2012 - 13:18 | Link to Comment pods
pods's picture

I guess he should have started a solar company instead?

Maybe Curt should have bundled for the current, not-yet-indicted RI govenor?

Those are two ways where he could have avoided scrutiny in today's world.

Free Jon Corzine!

pods

Thu, 11/01/2012 - 13:53 | Link to Comment petolo
petolo's picture

Or maybe an electric car with BIG BIG BATTERIES that work underwater. He could have goven one to Corzine .

Thu, 11/01/2012 - 13:23 | Link to Comment TideFighter
TideFighter's picture

Curve Ball. Juuuussttt a bit outside!

Thu, 11/01/2012 - 13:23 | Link to Comment LongSoupLine
LongSoupLine's picture

 

 

How much you wanna bet this baseball great gets a harder fine/sentence than any multi billion/trillion stealing scum in DC or Wall Street?

Thu, 11/01/2012 - 13:34 | Link to Comment TideFighter
TideFighter's picture

Nah. If Roger can stay out of the Hoosegow, Schill ain't going either. 

Thu, 11/01/2012 - 13:34 | Link to Comment ptoemmes
ptoemmes's picture

Does he have to give up his series ring?

Do the Red Sox have their World Series win vacated - aka - Armstronged, Corzined, etc?

Thu, 11/01/2012 - 13:34 | Link to Comment Turin Turambar
Turin Turambar's picture

A buddy of mine used to work for Schilling's company.  He helped launch it.  Too much nepotism and lack of integrity from the get go.  No surprise that it failed.

Thu, 11/01/2012 - 13:57 | Link to Comment semperfi
semperfi's picture

"Is nothing sacred anymore?"

Honey-boo-boo hasn't been seen pole-dancing (yet).

Thu, 11/01/2012 - 14:15 | Link to Comment BLOTTO
BLOTTO's picture

'They' with the help of the illuminati controlled mainstream media are trying to pervert everything.

.

as above,

so below

.

'They' are trying to normalize everything by manipulations, lies - perversions - so that their IS NO shock value anymore...

So that the masses are desensitized to it ALL.

.

Thats what EVIL does - it makes everything good, pure, loyal, respectable, etc... into fuckin complete SHIT.

Thu, 11/01/2012 - 13:42 | Link to Comment RiotActing
RiotActing's picture

This dude tried to make AAA titles with $75 mil... NOT POSSIBLE...

His game was pretty decent though, but pretty decent doesnt cut it anymore...

http://www.metacritic.com/game/xbox-360/kingdoms-of-amalur-reckoning

Thu, 11/01/2012 - 13:46 | Link to Comment TrumpXVI
TrumpXVI's picture

Curt is his own worst enemy.  He squanders money for one simple reason; because he thinks he knows everything.  I've met the guy and I have a friend who used to do business with him.  He won't listen to expert advice; because he already KNOWS EVERYTHING.  He's a baseball star.  He knows baseball.  But precious little about anything else.  I have nothing against him, but he's a know-it-all and he's paying a very bitter price for that now.

Thu, 11/01/2012 - 13:51 | Link to Comment Freddie
Freddie's picture

These guys make a bunch of money playing ball and then want to start businesses.  Most of them fail because business is pretty hard in most cases.   The best bets are usually a restaurant where you have a experienced and honest person running it as your partner.  

He should have carefully invested his money and got a coach or TV radio gig.

Thu, 11/01/2012 - 14:33 | Link to Comment dark pools of soros
dark pools of soros's picture

he played EverQuest religiously so it was his dream...  but he had to be the biggest dog in the room immediately instead of build to get there

Thu, 11/01/2012 - 16:19 | Link to Comment barroter
barroter's picture

I had heard that too.  Schilling has had many opportunities to be a loud-mouthed braggart and he never missed one.

Thu, 11/01/2012 - 13:47 | Link to Comment Freddie
Freddie's picture

Why the F would you try to build a company in Rhode Island?  The place is a corrupt joke.  Computer/XBox/Etc games are a tough business.

Thu, 11/01/2012 - 14:01 | Link to Comment orangegeek
orangegeek's picture

Going, Going, Going.....He's Outta Here!!!!!

Thu, 11/01/2012 - 14:28 | Link to Comment dark pools of soros
dark pools of soros's picture

billions to trillions can't be touched so we bitch about millions

Thu, 11/01/2012 - 15:07 | Link to Comment NuYawkFrankie
NuYawkFrankie's picture

Anyway you slice it - $75million is a lotta  s(c)hillings...

Thu, 11/01/2012 - 14:48 | Link to Comment NuYawkFrankie
NuYawkFrankie's picture

You can rest assured that this is only the tip of the iceberg.

 

I demand a full audit of the Botox Red Sox - lets fumigate this organisation once and for all!

Thu, 11/01/2012 - 15:48 | Link to Comment Shizzmoney
Shizzmoney's picture

A) Rhode Island has to be one of the most corrupt, most moronic state legislatures in the United States. The politicians on both sides suck balls.

B) Wait, you say a "conservative" in Curt Schilling took money, given to him by The State, and set it on fire? You don't say!

Thu, 11/01/2012 - 16:03 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

First, about 1 in 10 software firms succeed.  Second that money largely went to providing jobs in RI and southern MA, so the loan got recycled in the local economy and not sent to China.  Third Schilling lost $millions of his own money.

Because of ignorance about how the world works, the politicos involved need a scapegoat.  They'll kick Schilling around for a while and then drop it, because I bet he's done nothing wrong.

Thu, 11/01/2012 - 16:25 | Link to Comment barroter
barroter's picture

Rhode Island tries a little "business friendliness" and gets bit in the ass. This will go a long way in installing perceptions to be more business friendly.

Thu, 11/01/2012 - 17:31 | Link to Comment ShrNfr
ShrNfr's picture

I know the law firm doing the work for the state. They will have a good case.

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